Singapore-based multinational banking and financial services company DBS posted an announcement revealing that it was launching a cryptocurrency exchange. The announcement was later removed by the company, but cryptocurrency advocates learned of the upcoming support for assets like bitcoin, ethereum, and bitcoin cash.
DBS Bank Ltd is the largest bank in Southeast Asia in terms of assets under management (AUM), as the company’s more than 100 branches now hold more than $ 600 billion. The bank posted information on the subject and then promptly removed the ad. However, a number of cryptocurrency advocates took the statement from DBS before the bank canceled it. The Twitter account nicknamed “Fiat Minimalist” tweeted a screenshot and said: “The cat is out of the bag”.
“It’s been in the works for 2 years,” said Fiat Minimalist to its 2,300 followers. “All banks will have to follow suit. Imagine you are bearish [toward] BTC, “him added. The announcement was also cached on the web and is now hosted on Archive.org as well. “DBS Digital Exchange offers trading services from fiat currencies to four of the major digital currencies in circulation: Bitcoin, Bitcoin Cash, Ether and XRP,” reads the DBS Digital Exchange website.
The DBS Digital Exchange page also states:
Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. Instead, all digital assets are held at DBS Bank, which is globally recognized for its custody services. To keep clients’ digital assets safe, DBS Bank implemented DBS Digital Custody, an institutional grade custody solution specifically designed for digital asset custody.
The news of the new DBS Digital Exchange follows the announcement made by the payment giant Paypal last week. Additionally, it was revealed in September that US banks are now allowed to hold reserves for stablecoin issuers.
The new DBS trading platform also plans to allow security token offers. “Companies looking for a regulated option to raise private capital from qualified investors can now tap into the DBS Digital Exchange to securitize real assets into marketable digital tokens,” notes DBS.
Additionally, DBS believes cryptocurrencies are “the future of capital markets”.
“Digital assets are destined to be the future of the digital economy of tomorrow. With DBS Digital Exchange, a bank-backed digital exchange, businesses and investors can now leverage an integrated ecosystem of solutions to harness the vast potential of private markets and digital currencies, ”concludes the DBS Exchange announcement.
What do you think of Southeast Asia’s largest bank, DBS, announcing a cryptocurrency exchange? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, DBS, Archive.org,
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